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HD-War timeline:

1. Microsoft entered with a initial plan to take over Sony before they launch the PS3

2. Once Sony announced the 500 and 600 pricetag, Microsoft laughed and just did the basic, talking to devs, and PS3's pricetag, shortage and lack of exclusives did the rest...

3. Then Sony decided to cut the price on the new SKU's, and titles started to come out, Home was revealed, and one of the 3 flagship titles (MGS4) got a release date, not to mention that HD-DVD received the Axe, with that sales started to going up, so much that PS3 outsold 360 in all regions including the US...

4. Microsoft, not dominating Europe or Japan, and with danger of losing the US long-term, started a plan to fight back: 1st. Imitating the 1st place console, the Wii, 2nd. Offering a movie service now that HD-DVD was dead, 3. Getting more exclusives/timed/DLC, 4. Negotiate with Square Enix many points, the main one, getting Final Fantasy XIII, a flagship PS3 title. And last but most important: A pricecut that made the 360 cheaper than the Wii... When all of this points were executed the 360 went up and began outselling the PS3 in the US, then Japan for several weeks and then EU...

So now i'm expecting the PS3 to fight back, but they need a pricecut to make this full... The fight is not over, the US and Japan seem taken but the other could come close (more in the US than Japan), EU is the real warzone...

Now, overall, the Wii won, if one of the HD consoles manage to outsell the Wii, it would be a real megaton... I don't see that happening...